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Thor Mining shares boosted 9% by 'strong potential' of Kapunda project
Exploration and development company Thor Mining saw a jump in share prices on Monday after the company provided further information concerning its Kapunda copper project.
The project in South Australia is home to an estimated resource of 119,000 tonnes of copper and contains a central high grade zone of mineralisation of 29.0m tonnes at 0.32% copper containing 91,200 tonnes of copper.
Thor stands to earn up to an effective interest of 45% in this part of the Kapunda project.
Mick Billing, executive chairman of Thor Mining, said: "From the standpoint of extractive metallurgy, the grades identified are ideal for In Situ leaching and the significant size of deposit outlined to date means this project has considerable potential and needs moving forward through the next stages of the development pathway."
Meanwhile, the AIM-traded company also announced its financial results for the six months ending 31 December, showing a 41% increase in loss for the period at £540,000 compared to the same period the year before.
Thor raised significant capital during the period through fundraising, adding £1.308m via the exercise of 108,782,217 warrants and options which left the company with £1.3m of cash in the bank as at 31 December.
By virtue of the successful fundraising the company is fully funded for budgeted programmes until 2019, with the company affirming its "absolute focus" on its projects at Pilot Mountain, Molyhil and Kapunda for the foreseeable future.
As of 0910 GMT, Thor Mining's shares were up 9.09% at 3.00p.